INTERNATIONAL

Go Global.

Selling product and services overseas is a great strategy for increasing sales in markets that are often growing at a faster rate than those in the United States. As the home of a Fortune 500 company, Greater Peoria is already has the global logistics network to get your business where it needs to go. If your business is interested in selling product overseas, we have a wide variety of resources to help you get started.

Illinois SBDC International Trade Center

Since 1989, the Illinois SBDC International Trade Center at Bradley University has helped hundreds of Illinois companies take advantage of the potential of the international marketplace. The ITC expanded in 1994 to include specialized assistance to ensure exporters obtain the benefits associated with Free Trade Agreements (FTAs), including NAFTA. We help manufacturing and service companies make the right move at the right time. Working together, more than 500 companies have expanded their export sales by more than $400 million.Learn More

State of Illinois Resources

The State of Illinois offers a variety of resources to help businesses begin or expand their exporting through their Office of Trade and Investment.Learn More

Foreign Trade Zones

Foreign-Trade Zones (FTZ) are secure areas under U.S. Customs and Border Protection (CBP) supervision that are generally considered outside CBP territory upon activation. Located in or near CBP ports of entry, they are the United States’ version of what are known internationally as free-trade zones.

Foreign Trade Zone 114 is a multi-modal zone (rail, air, river, road) serving the West Central, Central and East Central Illinois Region, providing over 2 million square feet of warehousing and distribution space available for General Purpose Zones usage and four Sub-Zone sites.

Foreign Trade Zone Benefits

Financial Benefits

Effective Cash Flow

Funds are not tied up paying U.S. Customs duties or posting bond while goods are held within the zone. Duties on foreign goods intended for domestic consumption are levied only at the time goods are removed from the zone and only on quantities actually removed. As a result, sale proceeds are available at the same time duties are due.

Lower Duties

Foreign goods can often be processed in a Foreign Trade Zone, reducing U.S. Customs duties, since manufactured goods are often subject to lower duties than components.

Subzone 114E

Foreign Trade Zone vs. Bonded Warehouse

A Foreign Trade Zone is not considered within customs territory. Customs entry is filed when goods are removed from the FTZ.

A bonded warehouse is within the US Customs territory. Customs entry must be filed for goods to enter the warehouse.

Customs Bond

A Bond is not required for goods in a FTZ. Admissions to the zone are covered under the FTZ operators Customs Bond.

Customs Bonds are required for all warehouse entries.

Permissible Cargo

Foreign and domestic goods may be placed in a FTZ.

Only foreign goods may be placed in a bonded warehouse.

Payment of Duty

Duties are due only upon entry for US consumption.

Duties are due prior to release from bonded warehouses.

State and Local Investory

Foreign goods are not taxed as well as domestic goods that are to be exported are not taxed.

All goods are taxed.

Manufacture of Goods

Manufacturing is permitted within the FTZ. Duty is payable on either the imported components or the finished product, whichever has the lower rate. There is no duty on waste material or on value added manufacturing such as labor, overhead and profit.

Manufacturing is not permitted in a bonded warehouse.

Appraisal and Classification

The tariff rate and the value of goods may be determined either at the time of admission into a FTZ or when goods leave at the user’s discretion.

Tariff rates and the value of goods is determined immediately upon entering a bonded warehouse.